Old Dominion Freight Line posted a 12.3% year-over-year day revenue increase in May, with tonnage down 3.8% and yield up 16%, versus a 7.6% revenue gain and 6.1% tonnage drop in April. The carrier expects a 300–350 basis-point sequential operating margin gain in Q2, for a 73% operating ratio midpoint.
Old Dominion reported a 12.3% year-over-year increase in revenue per day in May, outpacing April’s 7.6% gain. May tonnage fell just 3.8% year-over-year (versus a 6.1% drop in April), while yield rose approximately 16%, reflecting stronger pricing power and demand trends.
Manufacturing activity strengthened for a fifth consecutive month in May, with the PMI at 54, its highest level in four years. Rising diesel prices triggered step-up fuel surcharge programs, boosting revenue-based metrics and contributing to margin accretion in the less-than-truckload segment.
The company reaffirmed guidance for a 300–350 basis-point sequential operating margin improvement in Q2, targeting a 73% operating ratio at midpoint, a 160-basis-point year-over-year improvement. Management cited continued demand recovery, strategic pricing, and market-share gains as drivers of profitable growth.
